Bonds

Subordinated Notes (CHI010)

In December 2018 the Company issued $75 million of unsecured and subordinated notes with a maturity date March 2034.

The subordinated notes pay a fixed rate of 5.1% until the first election date being 1 March 2024. The Company purchased and cancelled 20,099,000 subordinated notes in connection with the offer of CHI030 retail bonds, reducing the total number of subordinated notes on issue from 75,000,000 to 54,901,000. That reduction in the number of subordinated notes may impact trading of those subordinated notes on the secondary NZX Debt Market. On 14 November 2023, the Company issued a notice to redeem all of the outstanding 54,901,000 subordinated notes on 1 March 2024.

Interest Rate
5.1%

Paid until 1 March 2034, unless redeemed earlier.